32,475 Shares in Parsons Co. (NYSE:PSN) Acquired by New Age Alpha Advisors LLC

New Age Alpha Advisors LLC acquired a new stake in Parsons Co. (NYSE:PSN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 32,475 shares of the company’s stock, valued at approximately $2,996,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norden Group LLC acquired a new stake in Parsons in the fourth quarter valued at $499,000. Wolverine Asset Management LLC purchased a new position in shares of Parsons in the 4th quarter valued at about $577,000. Geode Capital Management LLC raised its position in shares of Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock worth $80,146,000 after acquiring an additional 95,040 shares in the last quarter. Truist Financial Corp lifted its stake in Parsons by 12.5% during the fourth quarter. Truist Financial Corp now owns 45,253 shares of the company’s stock worth $4,175,000 after purchasing an additional 5,032 shares during the last quarter. Finally, Ieq Capital LLC boosted its holdings in Parsons by 676.6% in the fourth quarter. Ieq Capital LLC now owns 19,019 shares of the company’s stock valued at $1,755,000 after purchasing an additional 16,570 shares in the last quarter. 98.02% of the stock is currently owned by institutional investors and hedge funds.

Parsons Stock Down 1.9 %

PSN opened at $59.37 on Friday. Parsons Co. has a 52 week low of $54.56 and a 52 week high of $114.68. The business has a 50 day moving average price of $68.59 and a two-hundred day moving average price of $89.16. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a market cap of $6.34 billion, a PE ratio of 78.12, a P/E/G ratio of 0.93 and a beta of 0.78.

Parsons announced that its Board of Directors has authorized a stock buyback program on Monday, March 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on PSN shares. Benchmark reissued a “buy” rating and set a $90.00 price objective on shares of Parsons in a report on Wednesday, February 26th. Jefferies Financial Group cut their price target on shares of Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. The Goldman Sachs Group decreased their price objective on shares of Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. William Blair upgraded Parsons from a “market perform” rating to an “outperform” rating in a research report on Tuesday, February 18th. Finally, KeyCorp decreased their target price on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $99.44.

Parsons Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.